Political Quotes

“Madam President, it was a few weeks back that I was on the Senate floor visiting with my colleagues about the Federal Reserve's response to the failure of Silicon Valley Bank, and I again am here today, this time to, in more specific terms, indicate there needs to be a pause in any new banking regulations until an independent investigation of the Fed's response to the failure at Silicon Valley Bank. I asked for and would again reiterate the importance of an independent review and indicate that that review should be done prior to the enactment of new capital requirements in order to ensure that these new regulations are properly tailored. Led by a nonpartisan financial expert uninvolved in the Federal response, an independent investigation would allow a clear picture of what reforms are truly necessary. Instead, new capital requirements are largely based upon the Fed's ``holistic review,'' the origins of which are vague at best. Regulators have now proposed a host of new requirements and rules for midsized banks to conform to the same capital standards of the country's largest lenders. Lumping regional lenders in with global, systemically important banks ignores the congressional intent laid out in the bipartisan piece of legislation S. 2155. Independent oversight might reveal these regulations to be an overprescribed or plainly unnecessary response to SVB's failure.…”